NNN REIT, Inc. Announces Third Quarter 2025 Results and Increased 2025 Guidance

NNN REIT, Inc. (NYSE: NNN) (the “Company” or “NNN”), a real estate investment trust, today announced financial and operating results for the quarter and nine months ended September30, 2025. Highlights include:

Third Quarter 2025 Highlights:

— Reported net earnings of $0.51 per diluted share

— Grew Core FFO and AFFO per diluted share by 1.2% and 2.4% over prior-year results, respectively, to $0.85 and $0.86, respectively

— Increased ABR by 7.2% over prior-year results

— Closed on $283.0 million of investments at an initial cash cap rate of 7.3%, with a weighted average lease term of 17.8 years and $748.0 million of investments in the nine months ended September 30, 2025, exceeding the high end of the previously provided guidance range

— Sold 23 properties for $41.3 million, including $22.3 million of income producing properties at a weighted average cap rate of 5.9%

— Raised $71.7 million in gross proceeds from the issuance of 1,670,737 common shares at an average price per share of $42.89

— As previously announced, issued $500 million principal amount of 4.600% senior unsecured notes due 2031 (“2031 Notes”)

— Maintained balance sheet flexibility with a sector-leading weighted average debt maturity of 10.7 years, no encumbered assets, no floating rate debt and $1.4 billion of total available liquidity

— Paid a $0.60 quarterly dividend, representing a 3.4% increase in the quarterly dividend rate, a 5.6% annualized dividend yield and a 70% AFFO payout ratio

Additional Highlights:

— Increased and tightened Core FFO per share guidance to a new range of $3.36 to $3.40

— Increased and tightened AFFO per share guidance to a new range of $3.41 to $3.45

— Increased 2025 acquisition volume guidance to a new range of $850 to $950 million

— Increased 2025 disposition volume guidance to a new range of $170 to $200 million

Steve Horn, Chief Executive Officer, commented: “In the third quarter, NNN's team invested over $280 million in real estate, attaining its highest quarterly acquisition volume since 2018. Our year-to-date activity positions NNN to achieve record-setting investment volume in 2025, while maintaining our strict underwriting standards.This strong operational execution, supported by $1.4 billion in liquidity and an industry-leading balance sheet, allows us to raise our earnings guidance for 2025.”

FINANCIAL RESULTS

Quarter Ended Nine Months Ended September30, September30,(dollars in thousands, except per share data) 2025 2024 2025 2024Revenues $ 230,159 $ 218,564 $ 687,815 $ 650,784Net earnings $ 96,839 $ 97,904 $ 293,826 $ 298,941Net earnings per share $ 0.51 $ 0.53 $ 1.56 $ 1.63FFO $ 158,676 $ 154,171 $ 474,585 $ 457,812FFO per share $ 0.84 $ 0.84 $ 2.53 $ 2.50Core FFO $ 159,366 $ 154,327 $ 477,639 $ 458,438Core FFO per share $ 0.85 $ 0.84 $ 2.54 $ 2.50AFFO $ 161,063 $ 155,701 $ 482,601 $ 462,556AFFO per share $ 0.86 $ 0.84 $ 2.57 $ 2.52

PORTFOLIO SNAPSHOT

(dollars in thousands) September30, June30, September30, 2025 2025 2024Number of properties 3,697 3,663 3,549Total gross leasable area (square feet) 39,209,000 38,322,000 36,550,000Occupancy rate 97.5 % 98.0 % 99.3 %Weighted average remaining lease term (years) 10.1 9.8 10.0ABR $ 912,218 $ 893,782 $ 850,976

PROPERTY ACQUISITIONS

(dollars in thousands) Quarter Ended Nine Months September30, Ended 2025 September30, 2025Total dollars invested(1) $ 283,027 $ 747,956Number of properties 57 184Gross leasable area (square feet)(2) 1,120,000 3,350,000Weighted average cap rate(3) 7.3 % 7.4 %Weighted average lease term (years) 17.8 17.8(1) Includes dollars invested in projects under construction or tenant improvements.(2) Includes additional square footage from completed construction on existing properties.(3) Calculated as the initial cash annual base rent divided by the total purchase price of the properties.

PROPERTY DISPOSITIONS

Quarter Ended September30, 2025 Nine Months Ended September30, 2025(dollars in thousands) Occupied Vacant Total Occupied Vacant TotalNumber of properties 12 11 23 31 25 56Gross leasable area (square feet) 81,000 111,000 192,000 301,000 321,000 622,000Net sale proceeds $ 22,309 $ 19,027 $ 41,336 $ 60,376 $ 48,047 $ 108,423Weighted average cap rate(1) 5.9 % – 5.9 % 5.8 % – 5.8 %(1) Calculated as the cash annual base rent divided by the total gross proceeds received for the occupied properties.

CAPITAL MARKETS ACTIVITY

During the third quarter 2025, NNN issued 1,670,737 common shares, raising $71.7 million in gross proceeds at an average price per share of $42.89, primarily through the Company's at-the-market equity program.

As previously announced, on July 1, 2025, NNN issued the 2031 Notes and used the proceeds from the offering to repay the outstanding balance on the Company's unsecured revolving line of credit and to fund investment activity.

BALANCE SHEET AND LIQUIDITY

As of September30, 2025, Gross Debt was $4.95 billion with a weighted average interest rate of 4.2% and a weighted average debt maturity of 10.7 years. The Company ended the third quarter 2025 with $1.4 billion of total available liquidity, including full capacity on the $1.2 billion line of credit and $158.7 million of cash and restricted cash. Net Debt to annualized EBITDAre and fixed charge coverage was 5.6x and 4.1x, respectively, as of September30, 2025.

DIVIDEND

As previously announced, on October 14, 2025, the Board of Directors of NNN declared a quarterly dividend of $0.60 per share payable on November 14, 2025, to shareholders of record as of October 31, 2025. The quarterly dividend represents a 3.4% increase over the prior quarterly dividend rate, an annualized dividend of $2.40 per share and an annualized dividend yield of 5.6% as of September 30, 2025.

2025 GUIDANCE

(dollars in millions, except per diluted share data) Previous 2025 Updated 2025 Guidance GuidanceNet earnings per share excluding any gains on disposition of real estate, $1.93 – $1.98 $1.93 – $1.97impairment losses and retirement and severance costsReal estate depreciation and amortization per share $1.41 $1.43Core FFO per share $3.34 – $3.39 $3.36 – $3.40AFFO per share $3.40 – $3.45 $3.41 – $3.45General and administrative expenses $47 – $48 $47 – $48Real estate expenses, net of tenant reimbursements $17 – $18 $17 – $18Acquisition volume $600 – $700 $850 – $950Disposition volume $120 – $150 $170 – $200

Guidance is based on current plans and assumptions and is subject to risks and uncertainties more fully described in this press release and the Company's reports filed with the Securities and Exchange Commission (the “Commission”).

CONFERENCE CALL INFORMATION

The Company will host a conference call on November 4, 2025 at 10:30 a.m. ET to discuss third quarter results. A live webcast of the conference call will be available on the Company's website at www.nnnreit.comor by using the following link. The conference call can also be accessed by dialing 888-506-0062 in the U.S. or 973-528-0011 for international callers and entering the participant code 738951 or referencing NNN REIT, Inc.

A telephonic replay of the call will be available through November 11, 2025, by dialing 877-481-4010 in the U.S. or 919-882-2331 internationally and entering the code 53003.

ABOUT NNN REIT, INC.

NNN invests in high-quality properties subject generally to long-term, net leases with minimal ongoing capital expenditures. As of September30, 2025, the Company owned 3,697 properties in 50 states with a gross leasable area of approximately 39.2 million square feet and a weighted average remaining lease term of 10.1 years. NNN is one of only three publicly traded real estate investment trusts to have increased annual dividends for 36 or more consecutive years. For more information on the Company, visit www.nnnreit.com.

FORWARD-LOOKING STATEMENTS

Statements in this press release that are not strictly historical are “forward-looking” statements. These statements generally are characterized by the use of terms such as “believe,” “expect,” “intend,” “may,” “estimated” or other similar words or expressions. Forward-looking statements involve known and unknown risks, which may cause the Company's actual future results to differ materially from expected results. These risks include, among others, general economic conditions, including inflation, local real estate conditions, changes in interest rates, increases in operating costs, the preferences and financial condition of the Company's tenants, the availability of capital, risks related to the Company's status as areal estate investment trust (“REIT”), and the potential impacts of an epidemic or pandemic on the Company's business operations, financial results and financial position on the world economy. Additional information concerning these and other factors that could cause actual results to differ materially from these forward-looking statements is contained from time to time in the Company's Commission filings, including, but not limited to, the Company's (i) Annual Report on Form 10-K for the year ended December31, 2024 and (ii) Quarterly Report on Form 10-Q for the quarters ended March 31, 2025, June 30, 2025 and September 30, 2025. Copies of each filing may be obtained from the Company or the Commission. Such forward-looking statements should be regarded solely as reflections of the Company's current operating plans and estimates. Actual operating results may differ materially from what is expressed or forecast in this press release. NNN REIT, Inc. undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.

DEFINITIONS

Funds From Operations (“FFO”)is a relative non-GAAP financial measure of operating performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP. FFO is defined by the National Association of Real Estate Investment Trusts (“Nareit”) and is used by the Company as follows: net earnings (computed in accordance with GAAP) plus depreciation and amortization of assets unique to the real estate industry, excluding gains (or including losses), any applicable taxes on the disposition of certain assets and any impairment charges on a depreciable real estate asset, net of recoveries.

FFO is generally considered by industry analysts to be the most appropriate measure of performance of real estate companies. FFO does not necessarily represent cash provided by operating activities in accordance with GAAP and should not be considered an alternative to net earnings as an indication of the Company's performance or to cash flow as a measure of liquidity or ability to make distributions. Management considers FFO an appropriate measure of performance of an equity REIT because it primarily excludes the assumption that the value of the real estate assets diminishes predictably over time, and because industry analysts have accepted it as a performance measure.

Core Funds From Operations (“Core FFO”)is a non-GAAP measure of operating performance that adjusts FFO to eliminate the impact of certain GAAP income and expense amounts that the Company believes are infrequent and unusual in nature and/or not related to its core real estate operations. Exclusion of these items from similar FFO-type metrics is common within the REIT industry, and management believes that presentation of Core FFO provides investors with a potential metric to assist in their evaluation of the Company's operating performance across multiple periods and in comparison to the operating performance of its peers because it removes the effect of unusual items that are not expected to impact the Company's operating performance on an ongoing basis. Core FFO is used by management in evaluating the performance of the Company's core business operations and is a factor in determining management compensation. Items included in calculating FFO that may be excluded in calculating Core FFO may include items such as transaction related gains, income or expense, impairments on land, retirement and severance costs or other non-core amounts as they occur.

Adjusted Funds From Operations (“AFFO”) is a non-GAAP financial measure of operating performance used by many companies in the REIT industry. AFFO adjusts FFO for certain non-cash items that reduce or increase net earnings in accordance with GAAP. AFFO should not be considered an alternative to net earnings, as an indication of the Company's performance or to cash flow as a measure of liquidity or ability to make distributions. Management considers AFFO a useful supplemental measure of the Company's performance.

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate as defined by Nareit (“EBITDAre”)is a metric established by Nareit and commonly used by real estate companies. The measure is a result of net earnings (computed in accordance with GAAP), plus interest expense, income tax expense, depreciation and amortization, excluding any gains (or including any losses) on disposition of real estate, any impairment charges, net of recoveries and after adjustments for income and losses attributable to noncontrolling interests. Management considers the non-GAAP measure of EBITDAre to be an appropriate measure of the Company's performance and should be considered in addition to, net earnings or loss, as a measure of the Company's operating performance.

Total Cash is comprised of cash and cash equivalents and restricted cash and cash held in escrow per GAAP as reported on the balance sheet summary.

Gross Assets represents total assets (reported in accordance with GAAP) adjusted to exclude accumulated amortization and depreciation and amortization of direct financing leases. The result provides an estimate of the investments made by the Company.

Total Debt is defined by the Company as total debt per GAAP as reported on the balance sheet summary including line of credit payable, notes payable, net of unamortized discount and unamortized debt costs and mortgages payable, net of unamortized premium and debt costs, as applicable.

Gross Debt is defined by the Company as Total Debt adjusted to exclude unamortized debt discounts and premiums and unamortized debt costs.

Net Debtis defined by the Company as Gross Debt less Total Cash.

Management considers the non-GAAP measures of Gross Debt and Net Debt each to be a key supplemental measure of the Company's overall liquidity, capital structure and leverage.

The Company's computation of FFO, Core FFO, AFFO, EBITDAre, Total Cash, Gross Assets, Gross Debt and Net Debt may differ from the methodology for calculating these non-GAAP financial measures used by other REITs, and therefore, may not be comparable to such other REITs. Reconciliations of net earnings, Total Debt and total assets (all computed in accordance with GAAP) to FFO, Core FFO, AFFO, EBITDAre, Gross Assets, Gross Debt and Net Debt (each of which is a non-GAAP financial measure), as applicable, are included in the financial information accompanying this release.

Annualized Base Rent (“ABR”) represents the monthly cash base rent for all leases in place as of the end of the period multiplied by 12. Accordingly, this methodology produces an annualized amount as of a point in time but does not take into consideration future (i) scheduled rent increases, (ii) leasing activity, or (iii) lease expirations.

NNN REIT, Inc.Balance Sheet Summary(dollars in thousands)(unaudited) September30, December31, 2025 2024Assets:Real estate portfolio, net of accumulated depreciation and amortization $ 9,204,697 $ 8,746,168Cash and cash equivalents 157,917 8,731Restricted cash and cash held in escrow 776 331Receivables, net of allowance of $573 and $617, respectively 2,266 2,975Accrued rental income, net of allowance of $3,325 and $4,156, respectively 33,897 34,005Debt costs, net of accumulated amortization of $29,174 and $27,002, respectively 6,973 8,958Other assets 73,580 71,560Total assets $ 9,480,106 $ 8,872,728Liabilities:Notes payable, net of unamortized discount and unamortized debt costs $ 4,870,460 $ 4,373,803Accrued interest payable 79,926 29,699Other liabilities 109,357 106,951Total liabilities 5,059,743 4,510,453Total equity 4,420,363 4,362,275Total liabilities and equity $ 9,480,106 $ 8,872,728Common shares outstanding 189,884,648 187,540,929NNN REIT, Inc.Income Statement Summary(dollars in thousands, except per share data)(unaudited) Quarter Ended Nine Months Ended September30, September30, 2025 2024 2025 2024Revenues:Rental income $ 229,773 $ 218,155 $ 686,845 $ 649,120Interest and other income from real estate transactions 386 409 970 1,664 230,159 218,564 687,815 650,784Operating expenses:General and administrative 11,056 11,209 35,281 35,582Real estate 9,128 7,263 27,341 21,175Depreciation and amortization 67,252 63,369 200,218 186,487Leasing transaction costs 131 22 335 75Impairment losses – real estate, net of recoveries 7,195 760 13,242 2,908Retirement and severance costs 690 156 3,054 626 95,452 82,779 279,471 246,853Gain on disposition of real estate 12,570 7,765 32,581 30,207Earnings from operations 147,277 143,550 440,925 434,138Other expenses (revenues):Interest and other income (2,940) (845) (3,284) (1,940)Interest expense 53,378 46,491 150,383 137,137 50,438 45,646 147,099 135,197Net earnings $ 96,839 $ 97,904 $ 293,826 $ 298,941Weighted average shares outstanding:Basic 187,838,711 184,007,176 187,200,093 182,757,097Diluted 188,332,789 184,561,431 187,686,331 183,301,570Net earnings per share available to stockholders:Basic $ 0.51 $ 0.53 $ 1.57 $ 1.63Diluted $ 0.51 $ 0.53 $ 1.56 $ 1.63NNN REIT, Inc.Other Information(dollars in thousands)(unaudited) Quarter Ended Nine Months Ended September30, September30, 2025 2024 2025 2024Rental income from operating leases(1) (2) $ 225,053 $ 213,447 $ 670,823 $ 634,088Earned income from direct financing leases(1) $ 111 $ 116 $ 337 $ 353Percentage rent(1) $ 211 $ 200 $ 1,381 $ 1,347Real estate expenses reimbursed from tenants(1) $ 4,398 $ 4,392 $ 14,304 $ 13,332Real estate expenses (9,128) (7,263) (27,341) (21,175)Real estate expenses, net of tenant reimbursements $ (4,730) $ (2,871) $ (13,037) $ (7,843)Amortization of debt costs $ 1,630 $ 1,450 $ 4,574 $ 4,538Non-real estate depreciation expense $ 44 $ 101 $ 130 $ 327(1) For the quarters ended September30, 2025 and 2024, the aggregate of such amounts is $229,773 and $218,155, respectively, and $686,845 and $649,120, for the nine months ended September30, 2025 and 2024, respectively, and is classified as rental income on the income statement summary.(2) Includes lease termination fees of $669 and $3,860 for the quarters ended September30, 2025 and 2024, respectively, and $11,121 and $10,152 for the nine months ended September30, 2025 and 2024, respectively.NNN REIT, Inc.Reconciliation of Non-GAAP Financial Measures(dollars in thousands, except per share data)(unaudited) Quarter Ended Nine Months Ended September30, September30, 2025 2024 2025 2024Net earnings $ 96,839 $ 97,904 $ 293,826 $ 298,941Real estate depreciation and amortization 67,212 63,272 200,098 186,170Gain on disposition of real estate (12,570) (7,765) (32,581) (30,207)Impairment losses – depreciable real estate, net of 7,195 760 13,242 2,908recoveriesFFO 158,676 154,171 474,585 457,812Retirement and severance costs 690 156 3,054 626Core FFO 159,366 154,327 477,639 458,438Straight-line accrued rent, net of reserves (631) (123) (715) 8Net capital lease rent adjustment 62 56 184 164Below-market rent amortization (68) (109) (1,781) (351)Stock based compensation expense 2,791 2,818 9,194 9,041Capitalized interest expense (457) (1,268) (1,920) (4,744)AFFO $ 161,063 $ 155,701 $ 482,601 $ 462,556FFO per share:Basic $ 0.84 $ 0.84 $ 2.54 $ 2.51Diluted $ 0.84 $ 0.84 $ 2.53 $ 2.50Core FFO per share:Basic $ 0.85 $ 0.84 $ 2.55 $ 2.51Diluted $ 0.85 $ 0.84 $ 2.54 $ 2.50AFFO per share:Basic $ 0.86 $ 0.85 $ 2.58 $ 2.53Diluted $ 0.86 $ 0.84 $ 2.57 $ 2.52Dividend per share $ 0.600 $ 0.580 $ 1.760 $ 1.710AFFO payout ratio(1) 70 % 68 % 68 % 67 %(1) Calculated as total dividends paid as a percentage of AFFO for each respective period.NNN REIT, Inc.Reconciliation of Non-GAAP Financial Measures (continued)(dollars in thousands)(unaudited) Quarter Ended Nine Months Ended September30, September30, 2025 2024 2025 2024Net earnings $ 96,839 $ 97,904 $ 293,826 $ 298,941Interest expense 53,378 46,491 150,383 137,137Depreciation and amortization 67,252 63,369 200,218 186,487Gain on disposition of real estate (12,570) (7,765) (32,581) (30,207)Impairment losses – real estate, net of 7,195 760 13,242 2,908recoveriesEBITDAre $ 212,094 $ 200,759 $ 625,088 $ 595,266Interest expense $ 53,378 $ 46,491 $ 150,383 $ 137,137Add back: capitalized interest 457 1,268 1,920 4,744Fixed charges $ 53,835 $ 47,759 $ 152,303 $ 141,881 September30, December31, 2025 2024Total assets $ 9,480,106 $ 8,872,728Accumulated depreciation & amortization 2,225,580 2,065,520Amortization of direct financing leases 2,840 2,655Gross Assets $ 11,708,526 $ 10,940,903Debt outstanding:Line of credit $ – $ -Notes payable, net of unamortized discount and 4,870,460 4,373,803unamortized debt costsTotal Debt 4,870,460 4,373,803Unamortized note discount 47,983 46,437Unamortized debt costs 31,557 29,760Gross Debt 4,950,000 4,450,000Total Cash (158,693) (9,062)Net Debt $ 4,791,307 $ 4,440,938NNN REIT, Inc.Debt SummaryAs of September30, 2025(dollars in thousands)(unaudited)Unsecured Debt Principal Principal, Stated Effective Maturity Date Net of Rate Rate Unamortized DiscountLine of credit payable $ – $ – SOFR + – April 2028 87.5 bpsUnsecured notes payable:2025 400,000 399,985 4.000 % 4.029 % November 20252026 350,000 349,455 3.600 % 3.733 % December 20262027 400,000 399,622 3.500 % 3.548 % October 20272028 400,000 399,004 4.300 % 4.388 % October 20282030 400,000 399,381 2.500 % 2.536 % April 20302031 500,000 496,053 4.600 % 4.766 % February 20312033 500,000 490,274 5.600 % 5.905 % October 20332034 500,000 494,475 5.500 % 5.662 % June 20342048 300,000 296,283 4.800 % 4.890 % October 20482050 300,000 294,667 3.100 % 3.205 % April 20502051 450,000 442,364 3.500 % 3.602 % April 20512052 450,000 440,454 3.000 % 3.118 % April 2052Total 4,950,000 4,902,017Total unsecured debt(1) $ 4,950,000 $ 4,902,017Debt costs $ (48,020)Accumulated amortization 16,463Debt costs, net of accumulated amortization (31,557)Notes payable, net of unamortized discount and $ 4,870,460unamortized debt costs(1) Unsecured debt has a weighted average interest rate of 4.2% and a weighted average maturity of 10.7 years.NNN REIT, Inc.Debt Summary – ContinuedAs of September30, 2025(unaudited)Credit Metrics September30, December 31, 2025 2024Gross Debt / Gross Assets 42.3% 40.7%Net Debt / EBITDAre (last quarter annualized) 5.6 5.6EBITDAre / fixed charges 4.1 4.2

Credit Facility and Notes Covenants

The following is a summary of key financial covenants for the Company's unsecured credit facility and notes, as defined and calculated per the terms of the facility's credit agreement and the notes' governing documents, respectively, which are included in the Company's filings with the Commission. These calculations, which are not based on U.S. GAAP measurements, are presented to investors to show that as of September 30, 2025, the Company believes it is in compliance with the covenants.

Key Covenants Required September30, 2025Unsecured Bank Credit Facility:Maximum leverage ratio !!!! 0.60 0.39Minimum fixed charge coverage ratio > 1.50 4.18Maximum secured indebtedness ratio !!!! 0.40 -Unencumbered asset value ratio > 1.67 2.62Unencumbered interest ratio > 1.75 4.07Unsecured Notes:Limitation on incurrence of total debt ≤ 60% 42%Limitation on incurrence of secured debt ≤ 40% -Debt service coverage ratio ≥ 1.5 4.1Maintenance of total unencumbered assets ≥ 150% 240%NNN REIT, Inc.Property PortfolioAs of September30, 2025Top 20 Lines of Trade % of ABR As of September30, Lines of Trade 2025 20241. Automotive service 18.4% 17.0%2. Convenience stores 16.2% 15.9%3. Restaurants – limited service 8.0% 8.4%4. Entertainment 7.2% 7.2%5. Dealerships 6.6% 5.6%6. Restaurants – full service 6.5% 8.3%7. Health and fitness 4.0% 4.0%8. Theaters 3.8% 4.0%9. Automotive parts 3.2% 2.4%10. Equipment rental 3.1% 3.2%11. Wholesale clubs 2.3% 2.4%12. Drug stores 2.0% 2.2%13. Home improvement 1.9% 2.1%14. Medical service providers 1.9% 1.8%15. Pet supplies and services 1.7% 1.3%16. Discount retail 1.4% 1.6%17. Early childhood education 1.3% 1.1%18. Furniture 1.2% 1.9%19. Travel plazas 1.2% 1.2%20. Consumer electronics 1.2% 1.3% Other 6.9% 7.1% Total 100.0% 100.0%NNN REIT, Inc.Property Portfolio – ContinuedAs of September30, 2025Top 20 States State # of % of Properties ABR1. Texas 592 18.5%2. Florida 273 8.7%3. Illinois 175 5.0%4. Georgia 176 4.5%5. Ohio 227 4.2%6. Tennessee 155 3.7%7. Indiana 167 3.7%8. Michigan 134 3.7%9. North Carolina 160 3.6%10. Arizona 87 3.6%11. Virginia 119 3.3%12. California 71 2.9%13. Alabama 150 2.8%14. Pennsylvania 86 2.3%15. New Jersey 33 2.3%16. Missouri 105 2.3%17. Maryland 50 2.0%18. Colorado 45 2.0%19. South Carolina 81 2.0%20. Oklahoma 90 1.8% Other 721 17.1% Total 3,697 100.0%NNN REIT, Inc.Property Portfolio – ContinuedAs of September30, 2025Top 20 Tenants Tenant # of % of Properties ABR1. 7-Eleven 146 4.3%2. Mister Car Wash 120 3.9%3. Dave & Buster's 34 3.7%4. Camping World 46 3.6%5. GPM Investments (convenience stores) 147 2.6%6. Flynn Restaurant Group (Taco Bell/Arby's) 204 2.5%7. AMC Theatres 20 2.5%8. BJ's Wholesale Club 13 2.3%9. LA Fitness 25 2.3%10. Kent Distributors (convenience stores) 49 2.2%11. Mavis Tire Express Services 140 2.1%12. Couche Tard (Pantry) 92 2.0%13. Chuck E. Cheese 51 1.7%14. Walgreens 49 1.7%15. Sunoco 53 1.7%16. United Rentals 49 1.6%17. Casey's General Stores (convenience stores) 62 1.6%18. Tidal Wave Auto Spa 35 1.4%19. Super Star Car Wash 33 1.3%20. Bob Evans Restaurants 105 1.2% Other 2,224 53.8% Total 3,697 100.0%Lease Expirations(1) % of # of Gross % of # of Gross ABR Properties Leasable ABR Properties Leasable Area(2) Area(2)2025 0.2% 16 132,000 2031 7.4% 216 2,953,0002026 3.0% 163 1,572,000 2032 4.9% 188 1,840,0002027 6.7% 206 3,179,000 2033 4.4% 134 1,401,0002028 5.2% 229 2,137,000 2034 5.7% 191 2,376,0002029 4.3% 138 2,055,000 Thereafter 53.4% 1,938 18,375,0002030 4.8% 183 2,284,000(1) As of September30, 2025, the weighted average remaining lease term is 10.1 years.(2) Square feet.

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